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CYC Ramp Trust
ABN: 58 417 264 268
Financial Report
For the Year Ended 31 May 2020
CYC Ramp Trust
ABN: 58 417 264 268
For the year ended 31 May 2020
Page 2
CONTENTS Page Number
Statement by the Directors 3
Statement of Comprehensive Income 4
Statement of Financial Position 5
Statement of Changes in Equity 6
Statement of Cash Flows 7
Notes to the Financial Statements 8
Independent Auditor’s Report 12
CYC Ramp Trust
ABN: 58 417 264 268
For the year ended 31 May 2020
Page 3
STATEMENT BY THE DIRECTORS
In accordance with a resolution of the directors of the CYC Ramp Pty Ltd as trustee for the CYC Ramp
Trust, the directors of the trustee company declare that the trust is not a reporting entity and that this
special purpose financial report was prepared in accordance with the accounting policies outlined in Note 1
to the financial statements.
The directors of the trustee company declare that:
1. the financial statements and notes, as set out on pages 4 to 10, present fairly the trust’s financial
position as at 31 May 2020 and its performance for the year ended on that date in accordance with
the accounting policies described in Note 1 to the financial statements; and,
2. in the Directors’ opinion, there are reasonable grounds to believe that the trust will be able to pay its
debts as and when they become due and payable.
Director
Director
Dated this 20th day of August 2020
CYC Ramp Trust
ABN: 58 417 264 268
For the year ended 31 May 2020
Page 4
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MAY 2020
Note 2020 2019
$ $
REVENUE
Operating revenue 2 87,885 101,963
Profit on sale of asset 2 - 1,772,103
Other income 2 90,000 90,000
TOTAL REVENUE 177,885 1,964,066
EXPENSES
Depreciation expense - 8,811
Rates & taxes 95,177 99,278
Repairs & maintenance 2,584 3,078
Other operating expenses 1,843 4,508
Finance costs - -
TOTAL EXPENSES 99,604 115,675
NET PROFIT / (LOSS) 78,281 1,848,391
Other Comprehensive Income - -
TOTAL COMPREHENSIVE INCOME 78,281 1,848,391
The accompanying notes form part of these financial statements.
CYC Ramp Trust
ABN: 58 417 264 268
For the year ended 31 May 2020
Page 5
STATEMENT OF FINANCIAL POSITION AS AT 31 MAY 2019
Note 2019 2019
$ $
ASSETS
CURRENT ASSETS
Cash and cash equivalents 8 20 20
TOTAL CURRENT ASSETS 20 20
NON-CURRENT ASSETS
Trade and other receivables 3 2,872,994 2,872,994
Property, plant and equipment 4 2,338,296 2,338,296
TOTAL NON-CURRENT ASSETS 5,211,290 5,211,290
TOTAL ASSETS 5,211,310 5,211,310
LIABILITIES
NON-CURRENT LIABILITIES
Financial liabilities 5 3,164,272 3,164,272
Borrowings - -
TOTAL NON-CURRENT LIABILITIES 3,164,272 3,164,272
TOTAL LIABILITIES 3,164,272 3,164,272
NET ASSETS 2,047,038 2,047,038
EQUITY
Settled capital 20 20
Revaluation reserve 6 2,047,018 2,047,018
Accumulated Losses - -
TOTAL EQUITY 2,047,038 2,047,038
The accompanying notes form part of these financial statements.
CYC Ramp Trust
ABN: 58 417 264 268
For the year ended 31 May 2020
Page 6
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MAY 2020
Retained
Earnings
$
Revaluation
Reserve
$
Capital
Profits
Reserve
$
Settled
Capital
$
Total
$
Balance at 1 June 2018 (106) 3,501,829 - 20 3,501,743
Transfer to/(from)
Reserves
-
(1,454,811) 1,454,811 - -
Operating Result for the
Year
Distribution to
Beneficiary
1,848,391
(1,848,285)
-
-
-
(1,454,811)
-
-
1,848,391
(3,303,097)
Balance at 31 May 2019 - 2,047,018 - 20 2,047,038
Balance at 1 June 2019 - 2,047,018 - 20 2,047,038
Transfer to/(from)
Reserves - - - - -
Operating Result for the
Year 78,281 - - - 78,281
Distribution to
Beneficiary (78,281) - - - (78,281)
Balance at 31 May 2020 - 2,047,018 - 20 2,047,038
CYC Ramp Trust
ABN: 58 417 264 268
For the year ended 31 May 2020
Page 7
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2020
2020 2019
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 177,885 191,963
Payments to suppliers (99,604) (196,864)
Interest paid - -
Net cash provided by (used in) operating activities 78,281 (4,901)
CASH FLOWS FROM INVESTING ACTIVITIES
Receipts for property, plant and equipment - 5,450,378
Net cash provided by (used in) investing activities - 5,450,378
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings (78,281) -
Repayment of borrowings - (5,445,477)
Net cash provided by (used in) financing activities (78,281) (5,445,477)
Net increase / (decrease) in cash held - -
Cash and cash equivalents at beginning of financial year 20 20
Cash and cash equivalents at end of financial year 20 20
The accompanying notes form part of these financial statements.
CYC Ramp Trust
ABN: 58 417 264 268
For the year ended 31 May 2020
Page 8
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The directors of the trustee company have prepared the financial statements of the CYC Ramp Trust (the
trust) on the basis that the trust is a non-reporting entity because there are no users dependent on general
purpose financial statements. The financial statements are therefore special purpose financial statements
that have been prepared in order to satisfy the information needs of unit holders in relation to the
performance and financial position of the trust.
The financial report has been prepared in accordance with the following Australian Accounting Standards:
AASB 101 Presentation of Financial Statements AASB 107 Statement of Cash Flows AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors AASB 116 Property, Plant and Equipment AASB 1048 Interpretation of Standards AASB 1053 Application of tiers of Australian Accounting Standards AASB 1054 Australian Additional Disclosures
The financial statements have been prepared on an accruals basis and are based on historical costs. The amounts presented in the financial statements have been rounded to the nearest dollar.
The financial statements have been prepared in accordance with the significant accounting policies
disclosed below, which the directors have determined are appropriate to meet the needs of members.
Such accounting policies are consistent with the previous period unless stated otherwise.
The financial statements have been prepared on an accruals basis and are based on historical costs
unless stated otherwise in the notes.
The financial statements were authorised for issue on 20 August 2020 by the directors of the trustee
company.
a. Property, Plant and Equipment
Increases in the carrying amount arising on revaluation of land are credited to a revaluation reserve
surplus in equity. Decreases that offset previous increases of the same asset are recognised
against any revaluation surplus directly in equity; all other decreases are recognised in profit or loss
The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in
excess of the recoverable amount from these assets. The recoverable amount is assessed on the
basis of the expected net cash flows that will be received from the asset’s employed and
subsequent disposal. The expected net cash flows have not been discounted in determining
recoverable amounts.
b. Income Tax
Under current tax legislation, the trust is not liable to income tax provided its taxable income is fully
distributed to beneficiaries.
c. Comparative Figures
Comparative information has been reclassified to be consistent with the current year disclosure of equivalent information in accordance with adopted AIFRS.
CYC Ramp Trust
ABN: 58 417 264 268
For the year ended 31 May 2020
Page 9
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
d. Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term
highly liquid investments with original maturities of three months or less, and bank overdrafts.
e. Revenue and Other Income
Revenue is measured at the value of the consideration received or receivable after taking into
account any trade discounts allowed. For this purpose, deferred consideration is not discounted to
present values when recognising revenue.
Revenue recognition relating to the provision of services is determined with reference to the stage
of completion of the transaction at the end of the reporting period and where the outcome of the
contract can be estimated reliably. Stage of completion is determined with reference to the services
performed to date as a percentage of total anticipated services to be performed. Where the
outcome cannot be estimated reliably, revenue is recognised only to the extent that related
expenditure is recoverable.
All revenue is stated net of the amount of goods and services tax.
f. Goods and Services tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the
amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net
amount of GST recoverable from, or payable to, the ATO is included with other receivables or
payables in the balance sheet.
g. Trust Distribution
For the purposes of these financial statements and Australian Accounting Standards:
(1) The trust records a current year net profit of $78,280 (2019: $1,848,391 surplus).The
current year net profit has been wholly distributed to the Cruising Yacht Club of SA
Incorporated (CYC Club) as beneficiary. The trust has a carry forward loss of $0 as at 31
May 2020.
h. Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to
changes in presentation for the current financial year.
CYC Ramp Trust
ABN: 58 417 264 268
For the year ended 31 May 2020
Page 10
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020
Note 2: OPERATING REVENUE 2020
$
2019
$
Ramp fees 87,885 101,963
Profit on sale of asset (1) - 1,772,103
Other Income 90,000 90,000
177,885 1,964,066
(1) The entity sold the North Haven Boat Ramp last year for $5.45 million and after costs resulted in the net profit
stated above
NOTE 3: TRADE & OTHER RECEIVABLES
HP Receivables 2,872,994 2,872,994
2,872,994 2,872,994
NOTE 4: PROPERTY, PLANT AND EQUIPMENT
Ramp Land and Improvements
- At Deemed Cost 2,338,296 2,338,296
- Inner Breakwater - -
- Accumulated Depreciation - -
2,338,296 2,338,296
NOTE 5: FINANCIAL LIABILITIES
Loan: CYC (SA) Unit Trust 1,217,184 1,307,184
Loan: Cruising Yacht Club of SA Inc. 1,947,088 1,857,088
3,164,272 3,164,272
CYC Ramp Trust
ABN: 58 417 264 268
For the year ended 31 May 2020
Page 11
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020
NOTE 6: ASSET REVALUATION RESERVE
2020 2019
$ $
Opening balance 2,047,018 3,501,829
Revaluation adjustment (1) - (1,454,811)
Closing Balance 2,047,018 2,047,018
(1) As a result of the sale of the ramp assets in 2019, the trust recorded an accounting adjustment to the asset
revaluation reserve. Previous asset revaluation increments recorded for assets disposed of in prior years have
been transferred to the Capital Profit Reserve and distributed to the trust beneficiary (CYC Inc).
The Asset Revaluation Reserve has been included in Retained Earnings in the consolidated financial statements.
NOTE 7: CONTINGENT LIABILITIES AND CONTINGENT ASSETS
A bill discount line was provided to the CYC (SA) Management Pty Ltd as trustee for the CYC (SA) Unit Trust.
As a result, fully interlocked guarantees have been provided by CYC Ramp Pty Ltd as trustee for CYC Ramp
Trust, Cruising Yacht Club of SA Inc. and CYC (SA) Management Pty Ltd as trustee for CYC (SA) Unit Trust.
At 31 May 2020, $nil (2019: $nil) has been drawn on the bill discount line. In addition, a registered mortgage
has been provided over the non-current assets of the CYC (SA) Unit Trust.
NOTE 8: CASH FLOW INFORMATION
2020
$
2019
$
Cash at the end of the financial year as shown in the statement of cash flows is
reconciled to items in the Statement of Financial Position as follows:
- Cash on Hand
20
20
20 20
NOTE 9: HIRE PURCHASE AGREEMENT
CYC Ramp Pty Ltd, as trustee for the CYC Ramp Trust, has leased the Western Marina Basin to the CYC (SA)
Management Pty Ltd, as trustee for the CYC (SA) Unit Trust, for a term commencing on 1 November 2008, and
ending on November 2083, for rent as agreed by the directors. The CYC (SA) Management Pty Ltd, as trustee
for the CYC (SA) Unit Trust has agreed to under lease that portion of the marina basin on which Marina West is
situated to the Cruising Yacht Club of South Australia Inc. (the Club) for a term commencing on 1 November
2008 and ending on 31 October 2083, at the same rent.
The lease of the land is without the infrastructure. The infrastructure has been separately sold to the Cruising
Yacht Club of SA Incorporated. The Club has acquired the infrastructure pursuant to a hire purchase
agreement pursuant to which each hire instalment is paid when the club sells the license to occupy a berth to a
Club member and CYC (SA) Management Pty Ltd issues units in CYC (SA) Unit Trust.
NOTE 10: EVENTS OCCURRING AFTER REPORTING DATE
There were no events subsequent to 31 May 2020 that need to be disclosed in the financial statements.
Liability limited by a scheme approved under Professional Standard Legislation
INDEPENDENT AUDITOR’S REPORT
To the Trustees of the CYC Ramp Trust
Report on the Audit of the Financial Report
Opinion
We have audited the accompanying financial report, being a special purpose financial report, of the CYC Ramp Trust
(the entity), which comprises the Statement of Financial Position as at 31 May 2020, the Statement of Comprehensive
Income, the Statement of Cash Flows for the year then ended, notes comprising a summary of significant accounting
policies and other explanatory information, and the Statement by the Directors.
In our opinion, the accompanying financial report presents fairly, in all material respects, the financial position of the
entity as at 31 May 2020, and of its financial performance for the year then ended in accordance with the accounting
policies used and described in Note 1 to the financial statements.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards
are further described as in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report.
We are independent of the entity in accordance with the auditor independence requirements of the ethical
requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional
Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our
other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter – Basis of Accounting
Without modifying our opinion, we draw attention to Note 1 of the financial report, which describes the basis of
accounting. The financial report is a special purpose financial report that has been prepared for the purpose of fulfilling
the director’s financial report responsibilities and needs. Our opinion is not modified in respect of this matter.
Responsibilities of Management for the Financial Report
Management is responsible for the preparation and fair presentation of the financial report, and has determined that
the basis of preparation described in Note 1 is appropriate to meet the need of the directors. Management’s
responsibility also includes such internal control as Management determines is necessary to enable the preparation
of the financial report is free from material misstatement, whether due to fraud or error.
In preparing the financial report, management is responsible for assessing the entity’s ability to continue as a going
concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting
unless management either intends to liquidate the entity or to cease operations, or has no realistic alternative but to
do so.
The directors of CYC Ramp Pty Ltd as trustee of the CYC Ramp Trust are responsible for overseeing the entity’s financial
reporting process.
2
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that the audit conducted in accordance with the Australian
Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and
maintain professional scepticism throughout the audit. We also:
· Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
· Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the entity’s internal control.
· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
· Conclude on the appropriateness of the management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast significant doubt on the entity’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the entity to cease to continue as a going concern.
· Evaluate the overall presentation, structure and content of the financial report, including the disclosures,
and whether the financial report represents the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
DEAN NEWBERY & PARTNERS
CHARTERED ACCOUNTANTS
SAMANTHA CRETEN
PARTNER
Signed on the 27th day of August 2020,
at 214 Melbourne Street, North Adelaide
